Akoustis Technologies, Inc. Reports Fourth Fiscal Quarter Financial Performance with Net Loss of $63.6 Million
Revenue Surges to $27.1 Million Despite Losses
Akoustis Technologies, Inc.(AKTS), a leading provider of innovative radio frequency (RF) filter solutions, has released its financial results for the fourth fiscal quarter, ending June 30, 2023. Despite challenges, the company reported a notable increase in revenue while facing a net loss for the period.
Strong Revenue Growth
Revenue Soars to $27.1 Million: Akoustis Technologies achieved a significant revenue increase in the fourth fiscal quarter of 2023, reaching $27.1 million. This impressive figure marks substantial growth compared to the $15.4 million recorded for the same period in the previous fiscal year.
Financial Struggles Evident
Net Loss of $63.6 Million: Unfortunately, the company experienced financial losses during the fourth quarter, with a net loss of $63.6 million. This was a continuation of the challenging trend, as the net loss for the same period in the previous fiscal year amounted to $59.2 million.
Gross Profit and Operating Expenses
The company faced several financial challenges, including a gross profit deficit of $3.1 million, further exacerbated by operating expenses. Research and development expenses for the quarter totaled $33.2 million, while general and administrative expenses reached $29.7 million. This resulted in a substantial loss from operations of $66.1 million.
Other Income and Tax Expenses
Akoustis Technologies reported other income and expenses that impacted its financial performance. Interest expenses amounted to $2.3 million, while there was a change in the fair value of contingent liability, contributing positively with $1.4 million. However, other miscellaneous expenses and the change in the fair value of derivative liabilities offset these gains, resulting in a net loss before income taxes of $66.0 million.
Income Tax Expenses
The company incurred income tax expenses of $2.4 million for the quarter, adding to its financial challenges.
Balance Sheet Highlights
On the balance sheet, Akoustis Technologies showed $43.1 million in cash and cash equivalents, along with $4.8 million in accounts receivable. Inventory stood at $7.5 million, and other current assets amounted to $4.4 million. Despite these assets, the company faced current liabilities of $17.6 million, including accounts payable and accrued expenses.
Long-term Liabilities and Stockholders' Equity
The company also had long-term liabilities, primarily related to convertible notes payable, operating lease liabilities, and other obligations, totaling $45.1 million. On the equity side, Akoustis reported a total stockholders' equity of $86.2 million.
Despite facing financial headwinds, Akoustis Technologies remains committed to its mission of providing innovative RF filter solutions and is actively working towards a brighter financial future.
